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deficit --cting a last year's deficit was $680 billion. that was the first time in four years it was under a trillion. this year's deficit he rejects -- he projects it will be six or $49 billion and dropped to $564 billion. it does not deal with social security, medicare, medicaid programs that are growing me fastest. -- growing the fastest. the chained cpi reduction which year, on the table last something republicans have supported, he offered it only if republicans would agree to increase taxes on the wealthy. it is part of the grand bargain that washington has talked about for years. republicans do not want to go there. from thatled back issue. -- chairmanans have ryan has gone farther in the entitlement area, but it is ,ifficult for the president with his democratic base so type ofto any entitlement reform, unless they see higher taxes on the wealthy. we are in a standoff. spending? about what does he want to spend money on to try to grow the economy? package -- hes a has called it the opportunity growth and security fund. it would hit
deficit --cting a last year's deficit was $680 billion. that was the first time in four years it was under a trillion. this year's deficit he rejects -- he projects it will be six or $49 billion and dropped to $564 billion. it does not deal with social security, medicare, medicaid programs that are growing me fastest. -- growing the fastest. the chained cpi reduction which year, on the table last something republicans have supported, he offered it only if republicans would agree to increase...
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reducing deficits as a share of g.d.p. to 1.6% by 2024 and with regard to the issue of stabilizing our debt to g.d.p. ratio, that occurs in 2015, and then we start a declining path. the budget shows the president's vision for moving the country forward. it provides a responsible, balanced and concrete plan that can serve as a guide for congress and its work in the upcoming year. thank you. >> thank you. my role is to present the economic forecast that underpins the budget. the administration projects that economic growth will strengthen over the next several years as the economy continues to return to the full utilization of all its resources. the ongoing recovery will be aided by several factors. the overall shift of fiscal policy towards a more neutral stance, progress in household deleveraging, including gains in housing and stock market wealth and further potential for home building. this near-term recovery is consistent with c.b.o. which projects a similar pace of growth over the next three years. we assume that the g
reducing deficits as a share of g.d.p. to 1.6% by 2024 and with regard to the issue of stabilizing our debt to g.d.p. ratio, that occurs in 2015, and then we start a declining path. the budget shows the president's vision for moving the country forward. it provides a responsible, balanced and concrete plan that can serve as a guide for congress and its work in the upcoming year. thank you. >> thank you. my role is to present the economic forecast that underpins the budget. the...
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Feb 26, 2014
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they are providing so much money to reduce the deficit. you have a triumvirate of forces reducing the deficit from the outside. then he may, freddie mac, and jpmorgan. i thought -- i think that may continue for a while. cyber security -- you will hear a lot about that. the chances of more data breaches this year are 100%. there will be more and probably will be more as we are sitting here this morning. the chances of a bill are pretty dim. you get the sense that everywhere you look the legislative agenda is looking pretty meager. i don't totally rule out a bill that eric cantor and others are talking about giving tax incentives to companies that hire and train young workers. there could be something like that but i think there will not the a lot. one final thing i want to throw out -- a theme of mine that i have been talking about for the last two or three months -- it leaves me puzzled. here we have an economy that grew in the second half by 3.5% or something like that. that was a rise in gdp and was not all inventory accumulation. inre w
they are providing so much money to reduce the deficit. you have a triumvirate of forces reducing the deficit from the outside. then he may, freddie mac, and jpmorgan. i thought -- i think that may continue for a while. cyber security -- you will hear a lot about that. the chances of more data breaches this year are 100%. there will be more and probably will be more as we are sitting here this morning. the chances of a bill are pretty dim. you get the sense that everywhere you look the...
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and as a result, the deficit would be better with deficit reduction which is what we are showing in our budget than if you did not have deficit reduction which is what a budget baseline would show. there is some other technical differences between our out your forecasts that are mostly on the revenue side come and not on the spending side. aca is the law of the land. >> do any of the discussions about tax revisions vary from current law? maybe certain expired tax revisions? >> obviously, we have a set of proposals in their. one of the places that is in our -- that is assumed in our budget is that in the 2010 and 2012 budgets, the president extended his increases for the refund ability in the child tax credit the increases in the earned income tax credit for families of three children and more and the marriage penalty and one of the president's innovations was that a portion of that was also refundable. in the budget agreement, those were extended for another five years through 2017. we would assume that those are extended permanently. we believe very strongly in that if those were t
and as a result, the deficit would be better with deficit reduction which is what we are showing in our budget than if you did not have deficit reduction which is what a budget baseline would show. there is some other technical differences between our out your forecasts that are mostly on the revenue side come and not on the spending side. aca is the law of the land. >> do any of the discussions about tax revisions vary from current law? maybe certain expired tax revisions? >>...
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by taking that out, they will lose 230 billion or so in deficit reduction. already we know one of the ways will be assuming the senate passes and immigration overall. go much does that cost you these are the kinds of things we will be looking for. perhaps the least effective budgets we have seen in years because congress are it has a toplines appropriations number for this year. they are are ready holding hearings. this is entitlement overhaul out of the midterm. how is the budget actually released today, and to are the surrogates that the white house is sending to capitol hill over the next coming days to talk about the president spending plan? 11:30.we will see it at it used to be they handed out copies to the press but that has been curtailed. theave been told that historical perspective volume, usually an interesting economic here this week, will have the main budget all human independent, they will be available at 11:30 and then a noontime press conference. andell from west virginia pretty much well-liked on all sides of the aisle will be going to the h
by taking that out, they will lose 230 billion or so in deficit reduction. already we know one of the ways will be assuming the senate passes and immigration overall. go much does that cost you these are the kinds of things we will be looking for. perhaps the least effective budgets we have seen in years because congress are it has a toplines appropriations number for this year. they are are ready holding hearings. this is entitlement overhaul out of the midterm. how is the budget actually...
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so when we think about methamphetamine, think about adderall, adderall is an attention deficit disorder drug that college students take. same drug, nobody's talking about -- >> it's not the same drug. >> it's the exact same drug. the only difference is that methamphetamine has a methyl group attached to it. but we did a study in which we -- along with other people, in which we tested the effects of a drug liked a ral compared to methamphetamine, they produced identical effects. they are almost identical chemically in terms of the chemical structure. they're the same effect. so we have these wildly different narratives surrounding these drugs. and that's what i'm trying to do. i'm trying to stop the hysteria so we don't make the same mistakes. >> we have put the rest of my extended interview on our web si site. it's something we want to do more with. you should watch the whole thing if you have a chance. >>> meanwhile, an absolute contemptible outrage today in washington that almost no one is talking about. we're going to talk about it next. tartar protection rinse. the only rinse that h
so when we think about methamphetamine, think about adderall, adderall is an attention deficit disorder drug that college students take. same drug, nobody's talking about -- >> it's not the same drug. >> it's the exact same drug. the only difference is that methamphetamine has a methyl group attached to it. but we did a study in which we -- along with other people, in which we tested the effects of a drug liked a ral compared to methamphetamine, they produced identical effects. they...
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if you can run a deficit to go to war, you can run a deficit to take care of the people who fought in it. joining me is the chair of the senate committee on affairs, the senator from vermont. they said the multi-billion dollar bills face to make necessary reforms. what do you say to that? >> i say they're dead wrong and so does virtually every veterans organization in the country representing millions of veterans. chris, what i have learned since i've been chairman of the veterans committee is the cost of war is much deeper and more significant than i think most people know. we're talking about hundreds of thousands of young men and women coming back from iraq and afghanistan with ptsd and tbi. we're talking about 2,300 of you're soldiers who suffered wounds so that they're unable too have babies. we're talking in terms of older veterans, you have women, wives staying home taking care of disabled vets, 24 hours a day, seven days a week who get virtually no kinds of support from the federal government. you're talking about young people who were promised a college education after they l
if you can run a deficit to go to war, you can run a deficit to take care of the people who fought in it. joining me is the chair of the senate committee on affairs, the senator from vermont. they said the multi-billion dollar bills face to make necessary reforms. what do you say to that? >> i say they're dead wrong and so does virtually every veterans organization in the country representing millions of veterans. chris, what i have learned since i've been chairman of the veterans...
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we've cut a lot of money, in part, due to the sequester, and it's led to lowering and lowering the deficit. if you put that in the context of what the budget proposal suggests, it's only a modest increase in spend, talking about 56 billion, like you mentioned, split between defense, nondefense, and it's paid for. we established that the budget agreed to by patty murray and paul ryan, those spending levels stay in place, and you'll use a few other tax hike is to par for $56 billion to relieve s sequestrati sequestration. we have a piece coming up that shows nih will be funded at 30.2 billion. that, in real term money, equivalent to the level that george w. bush funded nih in 2002. we're not making people whole. we're lagging pretty badly. but as if you were to look at what republicans are saying, this is the most reckless spending possible. >> sam, on that note, the president say, our budge it is about choices, about values and this is expected to go nowhere, it's a moral document in the most sort of clear fashion from the white house. at the same time, you know, the president puts this out
we've cut a lot of money, in part, due to the sequester, and it's led to lowering and lowering the deficit. if you put that in the context of what the budget proposal suggests, it's only a modest increase in spend, talking about 56 billion, like you mentioned, split between defense, nondefense, and it's paid for. we established that the budget agreed to by patty murray and paul ryan, those spending levels stay in place, and you'll use a few other tax hike is to par for $56 billion to relieve s...
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at a time when our deficits are falling at the fastest rate in 60 years, we have to decide if we are going to keep squeezing the middle class or if we're going to continue to reduce the deficits responsibly, while taking steps to grow and strengthen the middle class. the american people have made clear time and again which approach they prefer. that is the approach my budget offers. that is why i am going to fight for it this year and in the years to come as president. thank you very much, everybody. michael? >> do you have any response to president putin's press conference this morning? is chancellor merkel right that he has lost touch with reality? have you spoken to him personally? >> i have not spoken to him since i spoke to him this past weekend. but obviously, me and my national security team have been watching events unfolding in ukraine very closely. i met with them again today. as many of you know, john kerry is in kiev as we speak, at my direction. he's expressing our full support for the ukrainian people. over the past several weeks, we've been working with our partners an
at a time when our deficits are falling at the fastest rate in 60 years, we have to decide if we are going to keep squeezing the middle class or if we're going to continue to reduce the deficits responsibly, while taking steps to grow and strengthen the middle class. the american people have made clear time and again which approach they prefer. that is the approach my budget offers. that is why i am going to fight for it this year and in the years to come as president. thank you very much,...
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we know they're against deficits. this or that program. we know they're against obamacare. great. what are they for? >> right. as you pointed out in the beginning, congressman camp held hearings all over the country. he's listen eed to a lot of people. much of what came out of those hearings which is to say, i believe there is broad political support in the country going in that direction. republicans should take advantage of that. >> thank you all. >>> when we come back, the pentagon proposing to slash the army to pre-world war ii levels. what it means for the interests abroad next. this program is brought to you by blue emu. it would fast. with my friends, we'll do almost anything. out for drinks, eats. i have very well fitting dentures. i like to eat a lot of fruits. love them all. the seal i get with the super poligrip free keeps the seeds from getting up underneath. even well-fitting dentures let in food particles. super poligrip is zinc free. with just a few dabs, it's clinically proven to seal out more food particles so you're more comfortable and confident while you eat. a
we know they're against deficits. this or that program. we know they're against obamacare. great. what are they for? >> right. as you pointed out in the beginning, congressman camp held hearings all over the country. he's listen eed to a lot of people. much of what came out of those hearings which is to say, i believe there is broad political support in the country going in that direction. republicans should take advantage of that. >> thank you all. >>> when we come back,...
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you've used it to reduce the deficit. are you going to do that again in your budget in light of all of the attacks that have come onto medicare advantage cuts? >> sure, a couple of things. chain cpi was the president's idea. we never included that. we thought there were better ways to go. it was never a policy we were enamored with. medicare advantage, we have put things in our budget to address the medicare problem. reserve funds to fix medicare advantage, and we've put some of that money from the medicare cuts that pay for obamacare back into the advantage care system. we've always believed in doing that. you take two years toth, and it's a double-digit cut to medicare advantage, which means high premiums for those folks, or just loss of benefits, or we're worried about withdrawing from communities. so i do believe you need to -- you need to fix the medicare advantage problem. and we have proposed that in the past budgets. so you'll see us address that in our budget like we have each of the last few years. the thing tha
you've used it to reduce the deficit. are you going to do that again in your budget in light of all of the attacks that have come onto medicare advantage cuts? >> sure, a couple of things. chain cpi was the president's idea. we never included that. we thought there were better ways to go. it was never a policy we were enamored with. medicare advantage, we have put things in our budget to address the medicare problem. reserve funds to fix medicare advantage, and we've put some of that...
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at a time when our deficits are falling at the fastest rate in 60 years we have to decide if we're going to keep squeezing the middle class or reduce deficits responsibly while taking steps to grow the middle class. >> that was president obama outlining his $4 trillion budget for 2015 setting the stage for another budget fight. it calls for growing are the tax expansion. the president says he's paying for all of this by closing loopholes, one of which is wall street's favorite loophole which allows hedge fund managers to count their investments as income instead of capital gains. many think it faces a long road because of republicans in the house. to walk us through the budget battle, jimmy williams, an opinion writer for u.s. news.com and an msnbc contributor. how are you? >> how are you, hello. >> i want to start with one of the more important things which is that child care tax credit. this is big for people. when you look at the numbers from the white house, you're talking about well over 1.5 million people effected, $600 for a lot of folks with children under five years old. my view
at a time when our deficits are falling at the fastest rate in 60 years we have to decide if we're going to keep squeezing the middle class or reduce deficits responsibly while taking steps to grow the middle class. >> that was president obama outlining his $4 trillion budget for 2015 setting the stage for another budget fight. it calls for growing are the tax expansion. the president says he's paying for all of this by closing loopholes, one of which is wall street's favorite loophole...
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. >> defense is going down because the defect -- deficit. >> what you are asking for is very reasonable in terms of this and 56nal $26 billion billion dollars overall for defense and nondefense. forill be given the pay from the administration the next few weeks. many of us have them that are perfectly reasonable. we pay for what we need to do as a country including closing some of these loopholes which are egregious. these offshore tax loopholes, that allow the most profitable corporations in the world to avoid paying taxes by shifting their intellectual property to tax havens. the loopholes that allow the hedge fund managers to be paying half of the tax rate that people who work for them pay. there are some unjustified tax loopholes in this tax code which we should close even if we had no deficit. given the fact we have real needs including security needs, which we much fun -- must fund adequately, there are places we can fund it. $26 billion for defense and 56 billion dollars overall so i hope we take the leap the administration has given us on this budget and fund the full 56 billion
. >> defense is going down because the defect -- deficit. >> what you are asking for is very reasonable in terms of this and 56nal $26 billion billion dollars overall for defense and nondefense. forill be given the pay from the administration the next few weeks. many of us have them that are perfectly reasonable. we pay for what we need to do as a country including closing some of these loopholes which are egregious. these offshore tax loopholes, that allow the most profitable...
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they talk about obsessions with deficits and debt. and then they refuse to raise revenue in any form or fashion. >> advertisement reform with the chained cpi last year. they don't back him when he is trying to do what they say they want to do. >> they predicate their position on ignorance. and nobody actually calling them out. i mean, the sound that you played at the beginning of this segment, that's the -- that's all you need to know about the republican party. on the one hand, on the other hand. and in the meantime, if you ever ask them for a meaningful piece of policy, of governable policy, they have nothing. >> you know the guy's running around a big arena, trying to get to the farthest right. well, they always want to be the hardest rail to the right. take a look at lindsey graham here, who seems oftentimes a reasonable guy, but he is so scared of looking reasonable because it will get him killed in south carolina. on twitter he wrote today, isn't it original? it started with benghazi. when you kill americans and nobody pays a pr
they talk about obsessions with deficits and debt. and then they refuse to raise revenue in any form or fashion. >> advertisement reform with the chained cpi last year. they don't back him when he is trying to do what they say they want to do. >> they predicate their position on ignorance. and nobody actually calling them out. i mean, the sound that you played at the beginning of this segment, that's the -- that's all you need to know about the republican party. on the one hand, on...
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bill re-authorization that passed congress with bipartisan support , and reduces the annual budget deficits by $16. billion over 10 years. industry professionals across my home state of pennsylvania and nationally, including farmers, foresters, conservationists, researchers, and policy advocates have praised the law as an historic improvement. the federal agriculture policy that will improve land management, support key areas of economic activity, and bolster important investments in education and applied research. susan benedict, an american tree pharmacist thames certified forest owner from state college, pennsylvania, stated, and i quote, as a pennsylvania tree farmer i can happily say this farm bill was well worth the wait. with the promotion of new market opportunities and the biobased markets program and green building markets, improved access to critical conservation programs, an increased regulatory certainty when protecting water quality of my forestings rose, this farm bill is truly the best farm bill yet forests. i applaud the conference committee members for championing strong f
bill re-authorization that passed congress with bipartisan support , and reduces the annual budget deficits by $16. billion over 10 years. industry professionals across my home state of pennsylvania and nationally, including farmers, foresters, conservationists, researchers, and policy advocates have praised the law as an historic improvement. the federal agriculture policy that will improve land management, support key areas of economic activity, and bolster important investments in education...
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everything that we vote on annually as a congress, eliminate all of that, we would still be running a deficit of half of one dollar trillion each year. room,e elephant in the the big animal in the room, the gorilla in the room that everyone is avoiding is a mandatory spending. , we will address that keep digging ourselves further and further in the hole. that is the real problem and we are trying to, like i say, solve it. on the backs of the military. that can't be done. guest: you are going to hear that a lot. we are solving our problems on the back of the military. he is right, discretionary spending is a small piece of this at the end of the day, but in the broader picture there has across themade federal budget. this is a big piece of discretionary spending. i think it is about half of what we spend on discretionary spending. it is a big piece of the pie to look at. we are in a time of change for the military. this is a time when we can reevaluate put the military should be doing and how much should be spending in this nation's history. active military outside of los angeles, california,
everything that we vote on annually as a congress, eliminate all of that, we would still be running a deficit of half of one dollar trillion each year. room,e elephant in the the big animal in the room, the gorilla in the room that everyone is avoiding is a mandatory spending. , we will address that keep digging ourselves further and further in the hole. that is the real problem and we are trying to, like i say, solve it. on the backs of the military. that can't be done. guest: you are going to...
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he turned in massive budget deficits, and the economy tanked. the problem with barack obama is not that he changed bush's policies but rather that he did not change them. he took the worst of them and doubled down. he's added $6. trillion to the national debt. meaning that i had -- meaning that today's young people will have to pay back $56,000 plus interest per household to their future taxes for nothing more than to pay for this administration's overspending. he seized 1/6 of the american economy that provides our health care and well on the way to wrecking it for millions of american families, costing them their health plans, their doctors, their savings, and their security. his increased annual taxes by -- he's increased taxes, averaging about $4,00 for every household in america. he made a lot of promises that turned out not to be true. he promised that massive government spending would produce prosperity. instead average personal incomes declined $2,00 during his presidency and food stamp dependency's at an all-time high. nearly one in six
he turned in massive budget deficits, and the economy tanked. the problem with barack obama is not that he changed bush's policies but rather that he did not change them. he took the worst of them and doubled down. he's added $6. trillion to the national debt. meaning that i had -- meaning that today's young people will have to pay back $56,000 plus interest per household to their future taxes for nothing more than to pay for this administration's overspending. he seized 1/6 of the american...
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's slash toidents deficit has been mitigated. on the front page of "the washington post," the republican response. the budget from the republicans will focus on welfare reform. a 204yan will publish page critique, questioning the efficacy of dozens of initiatives and underscoring where republicans say consolidation or spending reductions are needed. democrats line. caller: my name is patrick. i want to talk about the guy that just called talking about the revolt that he wants people to revolt in america. this guy is sitting on his high somewhere,e suburbs eating snickers bars. we are not going to go there. ukraine is a part of russia. it has been a part of russia for the last couple hundred years. we all know that. america, the european union, they have no business in the affairs of russia and ukraine. america needs to clean up its own house before you can go overseas. those folks are fighting for independence. host: that as a last call. we continue on with our discretion about ukraine. josh rogin will join us. later on, how smal
's slash toidents deficit has been mitigated. on the front page of "the washington post," the republican response. the budget from the republicans will focus on welfare reform. a 204yan will publish page critique, questioning the efficacy of dozens of initiatives and underscoring where republicans say consolidation or spending reductions are needed. democrats line. caller: my name is patrick. i want to talk about the guy that just called talking about the revolt that he wants people...